Updated Colonial Two-Unit
New
For Sale
$289,900
4504 GARRISON Boulevard, Baltimore, MD 21215
MULTI_FAMILY - Colonial - BALTIMORE, MD
Property Size2,010 SF
Lot Size0.17 Acres
Price / SF$144.23
Days on Market3
Property Features for 4504 GARRISON Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Dining Room
Parking features
Driveway, On Street
Interior features
Wood Floors, Formal/Separate Dining Room
Subdivision
DOLFIELD
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Size
2,010 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
4751
Utilities
Heating system
Central
Cooling system
Window Unit(s)
Building Details
Year built
1955
Number of units
2
Building materials
Vinyl Siding
Architectural style
Colonial
Listing Agency:
Samson Properties
(443) 542-2251
Listed By:
Harold A Kelly · License #643252
(410) 537-0048
Added: Aug 9
Last Checked: Aug 11 at 10:06PM
MLS# MDBA2227324
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This standalone Colonial duplex contains 2,010 square feet and was built in 1955. Each apartment offers two bedrooms and one bathroom, along with hardwood flooring, a dedicated dining area, a kitchen with substantial cabinetry and storage, and abundant natural light. Vinyl siding, central heating, window-unit cooling, driveway parking, and on-street parking are also provided. The property occupies 0.1722 acres and includes outdoor space suitable for grilling, pets, or gardening.
Located in Northwest Baltimore, the property offers access to bus stops, shopping complexes, and universities. Druid Hill Park, the Maryland Zoo, Reisterstown Road Plaza, and Downtown Baltimore are also identified nearby. One unit is currently leased, while the two-unit layout supports owner occupancy of one apartment with separate use of the other.
Located in Northwest Baltimore, the property offers access to bus stops, shopping complexes, and universities. Druid Hill Park, the Maryland Zoo, Reisterstown Road Plaza, and Downtown Baltimore are also identified nearby. One unit is currently leased, while the two-unit layout supports owner occupancy of one apartment with separate use of the other.
Key Highlights
- 2,010‑square‑foot duplex on a 0.1722‑acre lot
- Two apartments, each with 2 bedrooms and 1 bathroom
- Built in 1955 with Colonial architectural style
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,953
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$519,060
$519.1K
Cap Rate 7%
$370,757
$370.8K
Cap Rate 9%
$288,367
$288.4K
Market Conditions
NOI Build-Up for 2,010 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$39.8K $19.80/SF
− Vacancy
−$2.7K −$1.35/SF
EGI
$37.1K $18.45/SF
− OpEx
−$11.1K −$5.53/SF
NOI
$26.0K $12.91/SF
Area
ZIP 21215
Vacancy
6.84%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$519,060
Cap Rate 7%
$370,757
Cap Rate 9%
$288,367
Alternative Uses
Best Use
Multifamily LT 5
$370.8K
$324.4K – $432.6K
NOI $25,953 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$341.2K
$298.5K – $398.1K
NOI $23,883 @ 7.0% cap · market cap 8.24%
Theoretical Best
Office A
$479.2K
$419.3K – $559.1K
NOI $33,544 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
887
Businesses Nearby
Explore this area
Business Placement
Demographics for 21215, MD
54,198
Population
24,876
Households
2.2
Avg Household Size
42
Median Age
25%
College-Educated
84%
High-School Grad
6.8 sq mi
ZIP Area
7,970
Density / Sq Mi
$47,606
Median Household Income
$37,670
Median Earnings
$1,177
Median Rent
$189,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Standalone duplex with two renovated apartments, hardwood floors, private outdoor space, and separate dining areas.
Where is this duplex located?
The property is located at 4504 GARRISON Boulevard Baltimore, MD.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: 2,010‑square‑foot duplex on a 0.1722‑acre lot; Two apartments, each with 2 bedrooms and 1 bathroom; Built in 1955 with Colonial architectural style
